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03.03.2014 - Voice of CA presents - Updates
Monday, March 3, 2014

 


  I. Today's Headlines:    


  1. DVAT Noti.: Online details of Invoice & GR (T-2 Form) in r/o goods procured from outside Delhi  (Click for detail)
  2. Himachal Pradesh Notification substitute Form VAT-XXVI-A (DECLARATION)  (Click for detail)
  3. Noti. No. 9: CENVAT Credit (Fourth Amendment) Rules, 2014 amends rule 9 and Quarterly return Form  (Click for detail)
  4. 2014 Guidance Note on Audit of Banks released by Auditing and Assurance Standards Board  (Click for detail)
  5. Sebi wants monitoring agency to keep an eye on all IPO funds  (Click for detail)
  6. Think before you buy: The taxman is watching  (Click for detail)
  7. Cash investment cap in MFs may soon be raised to Rs 50,000   (Click for detail)

II.  Direct Tax Case law:

Mrs. Smita Anand, China, AAR No. 1091 of 2011, Date of Pronouncement 19.02.2014, Authority for Advance Rulings (Income Tax), New Delhi

Whether a non resident citizen of India came to India after resigning from her employment outside India with an intention of visiting family & friends will be regarded as resident of India if her stay is more than 60 days in a year?

Held_Yes

During the concerned financial year the applicant returned India after resigning outside India and realized proceeds from exercise of ESOPs and RSUs. The proceeds upon exercise of ESOPs & RSU's were credited in applicant’s individual account and was remitted to Indian savings account after conversion into Indian rupees. The revenue contended that the provision of Explanation (a) or (b) to section 6(1) of the Act is not applicable and the applicant being a resident will be taxable in India. The authority of advance ruling finally held that the applicant's case does not fall under Explanation (a) or (b) to section 6(1)(c) of the Act and having fulfilled the requirements of section 6(1)(c) of the Act her status will be resident in India. Consequently, the amount of proceeds received in India on the said ESOPs and RSUs will be taxable in India.

(Please click here for judgment)

III.  An Analysis:

[ Contribution by CA. Sumit Grover and contributor is available at sumitgrover.ca@gmail.com ]

Changes for importers under excise laws
 

 

 Golden Rule:

  "Life can give us number of beautiful friends,
But only true friends can give us beautiful life"

 

  Thanks & Regards

Team

Voice of CA 

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